Global Solid Oxide Fuel Cell Market
APAC Market Forecast
The Asia Pacific solid oxide fuel cell market is poised to dominate 56% revenue share by 2037. The growth in the market is credited to the new plans launched for the adoption of solid oxide fuel cells. For instance, programs funded by the government such as ENE-FARM in Japan, along with rising demand for energy-efficient power generation likely to boost the growth of the market. Furthermore, the research and development for the technology of SOFC is continuously rising, further boosting the market growth in the region. For instance, a new department was formed in CSIR-CGCRI, Kolkata, India known as “Fuel Cell & Battery (FCB)” to develop viable technologies in different important and upcoming areas in the non-conventional energy sector namely solid oxide fuel cell (SOFC).
North American Market Statistics
The market in North America is estimated to witness tremendous growth throughout the forecast period. The growth of the solid oxide fuel cell market in the region is owing to the mounting energy demand, rapid urbanization, and increasing use of electricity, especially extracted from renewable sources. For instance, according to the U.S. Energy Information Administration, total U.S. electricity consumption in 2022 was 14 times greater than electricity use in 1950 equivalent to approximately 4.05 trillion kWh. Besides, in 2021, annual energy production was equal to 97.78 quads and consumption equaled 97.33 quads. Furthermore, about 61% of total electricity generation in 2021 in the United States was produced from fossil fuels. The electric power sector is a large source of CO2 emissions in the country and emitted about 32% of total U.S. energy-related CO2 emissions in 2021.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?